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Old 5th April 2006, 02:15 AM   #1
syrup
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Default Not for profit thrift store?

Hello,
I'm new here and I'm enjoying reading alot of posts. I don't know if this is where I can post a question or not, so I'll try.
I'm currently a eBay seller and have been for 4 years now and I'm thinking of moving on to bigger and better things. My Mom and I are wanting to open a thrift store. If we decide to go not for profit, does anyone know how much has to be donated to a chairty, I've heard 7%, but not sure. And.. if we decide to do for profit, can you still call yourself a thift store?
Thanks for you help!

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Old 5th April 2006, 03:09 PM   #2
torka
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You'll want to discuss your non-profit or not-for-profit status with a qualified tax professional. There are specific tax qualifications that may apply depending on the type of organization you plan to start. You can begin with http://www.irs.gov/charities/index.html for some basic information, but to avoid getting in potential trouble with the IRS, you really must consult with a professional.

I know thrift shops are generally run by charities, but I'm not sure if that's a legal requirement in any way. My gut feeling is that you can use the name "thrift shop" even if you are a for-profit, but I honestly don't know for sure. I've never really heard of any rule that says you can't, but that doesn't mean such a rule doesn't exist.

Again, your best bet would be to consult with a lawyer or tax professional to be sure.

Yes, it's not free to do so, but it's a lot cheaper and easier in the long run than paying a ton of IRS penalties for having forgotten to cross a "t" or dot an "i" in your paperwork somewhere along the line.

--Torka

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Old 9th April 2006, 04:22 PM   #3
Maverick
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Default Maverick says... Maybe A Foundation is What You Need!

Syrup,

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Last edited by Maverick; 15th June 2006 at 01:49 PM.
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